[mylife]

Short and succinct but do we have enough gold to back the currency?

[P-Marlowe]

Short and succinct but do we have enough gold to back the currency?

When we were on the gold standard we didn't have enough gold to back the currency. The Gold Standard merely fixes the value of the dollar and makes a covenant to redeem it for Gold. If there was a run on the gold backed dollar, there would not be enough gold to keep the covenant.

The fact is that there is not enough gold in the world to pay off the US National Debt, much less to back future currency.

[<1/1,000,000th%]

All the gold in the world is only worth around $15 trillion or so.

Not enough to back our debt, much less our annual gdp.

[don-o]

do we have enough gold to back the currency?

He said "good as gold" (a simile, a rhetorical device) not backed by gold (an economic proposal).

I have not heard Newt call for a return to the gold standard, but maybe I missed that.